WorksheetsMOD Budgets Exam
Total questions: 24
Worksheet time: 12mins
Name
Class
Date
1.
The three categories of a budget are:
a)
Income, Expenses, Savings
b)
Savings, Spending, Income
2.
The three types of expenses are:
a)
Revolving, Discretionary, Fixed
b)
Fixed, Flexible, Discretionary
3.
Expenses that stay the same every month are _________ expenses. Rent would be an example.
a)
fixed
b)
intermittent
4.
An expense that only occurs because you are choosing to spend money, like eating out or buying clothes, is a(n) ___________ expense.
a)
discretionary
b)
intermittent
5.
How much do most financial experts agree that you should put into savings each pay period?
a)
At least 10%
b)
25-30%
6.
What is 60% as a decimal?
a)
0.60
b)
60
7.
0.2 is the same as:
a)
2%
b)
20%
8.
What is 42% expressed as a decimal?
a)
0.42
b)
42
9.
Which number is equivalent to 0.08?
a)
80%
b)
8%
10.
Write 17% as a decimal.
a)
0.17
b)
1.07
11.
Amanda makes $74,350 per year. What is her monthly salary?
a)
$1,695.83
b)
$6,195.83
12.
Jonah makes $3,750 per month. What is his yearly salary?
a)
$45,000
b)
$4,500
13.
Samantha sets a goal to save 12% of her paycheck each month. If she makes $4,250 per month, what is her savings goal?
a)
$510.00
b)
$450.00
14.
The maximum amount of your budget you should spend on total transportation (car payment, insurance, gas, etc.) is ________.
a)
20%
b)
30%
15.
The maximum amount of your budget you should spend on housing is ________.
a)
15%
b)
30%
16.
Jeff’s net pay is $3,800 per month. What is the most he should spend on groceries?
a)
$570.00
b)
$950.00
17.
Joshua's monthly salary is $2,909. If Joshua's budget for rent is 22% of his monthly salary, then how much is budgeted for rent?
a)
$639.98
b)
$732.25
18.
Jason’s annual net salary is $42,000. What is the most he should spend on a car payment per month?
a)
$350.00
b)
$525.00
19.
Jane’s total net pay for the year is $75,750. What is the most Jane should spend on total transportation per month?
a)
$946.88
b)
$1,262.50
20.
Jeff’s net pay is $3,800 per month. What is the most he should spend on groceries, if he spends up 15% on them?
a)
$570.00
b)
$380.00
21.
Which is an example of a fixed expense?
a)
Rent
b)
Utility bill
22.
Albert has a monthly income of $1300.
Based on this amount,
how much should he spend on
rent, if he spends up to 30%?
a)
$390
b)
$333
23.
Which of the following was NOT one of the budgeting strategies you learned about?
a)
50/30/20
b)
Powerful Methods
24.
A financial planning document or tool that is an estimate of income and expenditure for a set period of time, usually a month, is known as a(n)
a)
budget
b)
journal
100 %
